How to value RV lots attached to a mobile home park?

mobile home university
1

I am looking at a park with about 30 RV lots that fill in the summer and empty in the winter. Lots are $280.

This is on a very popular lake that I know fills to capacity every summer. How would I evaluate the value of RV lots that are great in summer and terrible in winter?

Thank you,
Toben Blalock

2

I would use an income based approach, and have laser focus on expenses for those lots if they have all inclusive utilities. Consider how financing of those might work - potentially value as two businesses MHP + RV Park.

3

How does a lender typically value a park with RV lots and MH lots? How would an appraiser value a park with a mix of RV and MH? I am looking at a park with similar dynamics as the one mentioned in this thread. The park has 48 MH lots and 67 RV lots. The park is in south Florida so the RV lots are only fully occupied from December - April. Any thoughts much appreciated.